13 real estate developers were challenged to answer 4 questions

13 real estate developers were challenged to answer these questions:

• Do they maintain 100% activity? Have the works stopped or slowed down? And the rest of the business, especially the planning and sales?
• What is the strategy to deal with and react to the pandemic crisis? What is the role of technology?
• What to expect from the real estate development business in the short and medium term?
• How is investor interest in national real estate evolving? And what prospects do they have at this level?

 These questions were asked to 13 national real estate developers by O Idealista portal and the answer was somewhat unanimous, with a positive attitude, confidence in the future, not to give up, not to stop, to continue working, planning and structuring the future.

In general they all keep their works running, the main difficulties being sometimes related to the management of suppliers, who given the national framework due to the pandemic many of the materials are arriving late or sometimes fail at the work sites. However, and taking all the precautions that are required, they all generally keep their works running at almost 100%.

Regarding the strategy, the use of technologies for meetings, contacts, virtual visits, since everyone has their back office´s in telework, thus enhancing their activity, as well as creating new working habits using tools that always existed, but had never been enhanced. Also enabling in this way, creating new challenges for their teams, developing new strategies and planning for the future.

Analysing and adjusting procedures and projects seems to be a common factor for all when it comes to short and medium term real estate development, the duration of this crisis being the most critical point in this industry, but it is also certain and assumed that in times of crisis real estate is always an asset refuge class.

The medium and high segments will be less affected and a return to normality is expected within 2 to 12 months, with the lower segments having a longer recovery period.

It has been mentioned by several entities during recent times that investors interest in the domestic market would remain unchanged. Obviously in the overwhelming majority of cases there is now some delay in both decision making and formalisation. For obvious reasons, however, and it is assumed by all, that this interest is maintained, and there are even formalizations either of purchase or of promissory contacts, as attested by some of the inquired parties. Just as we CASAIBERIA, as the perspectives of these promoters, are that we will come out of this crisis in a stronger way and in better conditions to seize the future.

Source: The Idealist